WHAT! JPMorgan Is Testing $5 ATM Feeshttp://www.businessinsider.com/jp-morgan-testing-5-atm-fees-increases-dodd-frank-2011-3/comments.rss?IR=T
en-usWed, 31 Dec 1969 19:00:00 -0500Sun, 02 Aug 2015 14:49:41 -0400Katya Wachtelhttp://www.businessinsider.com/c/4d88d5c44bd7c8180f0f0000CommentatorTue, 22 Mar 2011 13:00:52 -0400http://www.businessinsider.com/c/4d88d5c44bd7c8180f0f0000
A lot of responders here are either careless in their reading or are reacting based on ideology without thinking.
Consider two different banking corporations, YOURBANK and MYBANK.
Why should a customer of YOURBANK be able to use an ATM from MYBANK for free? I pay for that MYBANK ATM via my deposits, transactions and fees with MYBANK. You are not paying MYBANK. You are paying YOURBANK. If YOURBANK wants to provide a courtesy to its customers by letting them use MYBANK's equipment, then YOURBANK (or its customers) must pay MYBANK (and vice versa),.
In the past, interchange fees have allowed banks to balance out YOURBANK customers use of MYBANK ATMs with MYBANK customers use of YOURBANK ATMs. By capping those fees below costs, the government has forced banks to recover costs some other way e.g. by charges to YOURBANK customers for using MYBANK ATMs.
It's no different than the international postal system. A US stamp pays for letters to Brazil, and vice-versa. Each year national post offices settle with each other to net balance charges. If the UN put a fixed cap on such charge amounts it wouldn't be very long before you needed a US and a Brazilian stamp on letters between those countries.http://www.businessinsider.com/c/4d883fb7cadcbb6d74110000xyrilbTue, 22 Mar 2011 02:20:39 -0400http://www.businessinsider.com/c/4d883fb7cadcbb6d74110000
The ATM industry has challenges, to be sure. But, how depressing it is! The regulations installed to help the man and woman on the street, are now working against them. The downside is that in markets without lots of Chase ATMs this is a problem. If I am on the road for a week I don't want to have to choice between carrying tons of cash from home and paying through the nose for a withdrawal. What happened to the consumer protection agency? Where are they when they are needed?http://www.businessinsider.com/c/4d822c3849e2aea70f160000GregThu, 17 Mar 2011 11:43:52 -0400http://www.businessinsider.com/c/4d822c3849e2aea70f160000
By the way the real offenders are the big banks, B of A, JP Morgan and the rest of the gang that have infiltrated government, gambled with our money then had us cover their losses by having their political puppets use taxation and public debt to forcibly take money from us and give it to them for the "public good".
Credit Unions and smaller local banks are by and large very different animals and if this stuff pisses you off that's the way to go - practicing good old caveat emptor of course.http://www.businessinsider.com/c/4d822b1f4bd7c8ef28050000GregThu, 17 Mar 2011 11:39:11 -0400http://www.businessinsider.com/c/4d822b1f4bd7c8ef28050000
Even though the banks are subsidized by our tax dollars, if you don't like the fee you can change banks. There are more than enough banks and credit unions around to make collusion impractical and to allow the market to set the various sustainable prices for money management services, which is what we are talking about here.
Yes there are teller fees, but there are no withdrawl limits with tellers, so the cheapest option is to take your paycheck to a bank and cash it for...cash. Or more accurateky, deposit the check (free at atms still), wait for it to clear, then pay the nominal teller fee of a couple bucks to withdraw the whol amount.,
Check writing, plastic, atm access...those are all luxuries and we're all still free to use them or not based on what they cost.http://www.businessinsider.com/c/4d81f5b44bd7c8ac1f040000RansomeThu, 17 Mar 2011 07:51:16 -0400http://www.businessinsider.com/c/4d81f5b44bd7c8ac1f040000
The nature of banking has changed. They have become payday lenders and confidence men with conflicts of interest. Banks were part of the fiat money system, they issued credit so that the main street economy could grow. They now sell credit for a commission and charge you fees for their use of your money. They are setting up tollbooths in the money cycle. The banks print wild west money substitutes while borrowing real money at wholesale rates which is lent at payday lender terms.
I just paid my school taxes and the clerk said that the banks are refusing to cash checks if there is the slightest deviation from unwritten standards. I wrote 55 underlined for 55 cents. The clerk said the bank would not cash it. You must add the denominator of 100. Presumably it is to discourage the use of checks. The money changers want to go back to scraping the edges of gold coins by scraping a fee every time money is transferred, and like cellphone billing, both parties to the transaction will pay.http://www.businessinsider.com/c/4d817998ccd1d5a57b130000Jon HWed, 16 Mar 2011 23:01:43 -0400http://www.businessinsider.com/c/4d817998ccd1d5a57b130000
I wonder how long it'll be before people are blacking out the screens of Morgan's ATMs with permanent markers. Or spraying paint into the card readers. Or glue in the money slot.http://www.businessinsider.com/c/4d81433fccd1d59173040000fak the banksWed, 16 Mar 2011 19:09:51 -0400http://www.businessinsider.com/c/4d81433fccd1d59173040000
They NEED to make the money back? REALLY? They NEED it? lol..get off you knee's and stop supporting the banks. They are crooks just like any other big corporation. We are all slaves in the system, having our hard earned money, chipped at by these bastards.http://www.businessinsider.com/c/4d813a8c4bd7c8c701010000LeviathanWed, 16 Mar 2011 18:32:44 -0400http://www.businessinsider.com/c/4d813a8c4bd7c8c701010000
Normally I would agree with you. However, given the absurdities of the US banking system over the past decade or two, the corrosive relationship between that sector and our once-healthy democracy, and the untold trillions in tax-payer financed guarantees, loans and subsidies that have gone to it over the past three years, I am no longer content to say "charge what the market will bear."
What one TBTF bank charges, the others will as well. They will use it to keep customers captive (because they want nationwide access to tens of thousands of ATMs that are "free"). And the small players will be at an even greater disadvantage. Where is the "free market" there?http://www.businessinsider.com/c/4d812c2fccd1d5a16f040000Angry VoterWed, 16 Mar 2011 17:31:27 -0400http://www.businessinsider.com/c/4d812c2fccd1d5a16f040000
In a free market those banks would have gone under.
In a just country the banksters would have been thrown into forced labor camps.
Banks have been subverting the US for generations.
People who support banks in any way, shape or form are traitors.http://www.businessinsider.com/c/4d812bbcccd1d5b96f010000nbWed, 16 Mar 2011 17:29:32 -0400http://www.businessinsider.com/c/4d812bbcccd1d5b96f010000
Crash JP Morgan! Buy silver! JP Morgue, you have another thing coming. We are not your slaves! Your days of controlling your fiat currency system as a surrogate of the Federal Reserve are quickly coming to an end. Your days of betting on both sides of wars and creating financial catastrophies to be bailed out by the Fed will end. You have crossed the rubicon of moral hazard and now is the time for the fiat currency system to meet its final destiny of confetti paper. It must because it is corrupt. You are turning this country into a banana republic by acting in collusion with the ponzi finance system you currently run with the Fed. Not all of the serfs are blind. Your days of manipulating metals prices are also coming to end. Got any more "proprietary" trading desks to close? There will be justice for you and your plans for your cashless world currency society you have planned!http://www.businessinsider.com/c/4d812964ccd1d5d96e030000nbWed, 16 Mar 2011 17:19:31 -0400http://www.businessinsider.com/c/4d812964ccd1d5d96e030000
How bout we interfere with the markets? How bout we all pull our money out of all of the big banks, buy gold and silver to crash their metals short positions, and then burn them all down torch and pitchfork style!!!http://www.businessinsider.com/c/4d81232c49e2ae8b201a0000WNWed, 16 Mar 2011 16:52:59 -0400http://www.businessinsider.com/c/4d81232c49e2ae8b201a0000
That they do (so far). Even internationally. It's a good feeling to know you could walk up to any unbranded gas-station ATM and not get too screwed.
That said, in the US, I've tried to use their card only at credit unions and Allpoint ATMs. Why take more money from Schwab (where I am a customer and enjoy generally low fees) and give it to Chase or BoA?http://www.businessinsider.com/c/4d81204ecadcbbfa770a0000T. in ATLWed, 16 Mar 2011 16:40:46 -0400http://www.businessinsider.com/c/4d81204ecadcbbfa770a0000
Ms Wachtel is guilty of sloppy reporting and lack of analysis.
The new financial regulations imposed a significant decrease in interchange fees. This fee was not a problem for anyone; the banks developed and serviced the technology that ran our debit transactions, the merchant got its money pronto without the headache of fraudulent checks, and the consumer got the convenience of a quick transaction straight out of checking.
So why the regulation? The genius of our government is interfering in our markets. Something that wasn't a problem for anyone all these years suddenly is declared "greedy" by regulators. This is a perfect example of how ignorant our government is in very basic finance and economics. Good job guys. If consumers want to prevent the ATM charges from going into effect, then speak up to Congress and insist that the $0.40 interchange fee remain unchanged. This is the fee that merchants gladly pay banks for the convenience of a secure transaction. The government wants to change it to $0.12.
The banks need to make up the loss somehow. Do you really want to pay $5 to get your own money? Or suddenly pay the actual postage on the e-checks you write? Or limit all debit transactions to $50 and under forcing credit card usage so banks can get the interest revenue? Let's go back to the way it was. Or, pick your poison.http://www.businessinsider.com/c/4d811ebaccd1d5b16c080000Mr ThriftyWed, 16 Mar 2011 16:34:02 -0400http://www.businessinsider.com/c/4d811ebaccd1d5b16c080000
>"You use Morgan and don't want to pay $5, move your account."
Hey genius, the fee is not for Morgan customers.http://www.businessinsider.com/c/4d811ea2cadcbbfe77040000xmldocWed, 16 Mar 2011 16:33:37 -0400http://www.businessinsider.com/c/4d811ea2cadcbbfe77040000
@Leviathan: A business can charge whatever it wants for services, so long as there is not a monopoly situation. The market determines the value of services by means of competition. If there is no monopoly or collusion, and if consumers do their homework to remain knowledgeable about competitive products, then this system works. If the price of a service becomes too high across the board, this represents an opportunity for an innovator to introduce a new service that addresses the consumer's general dissatisfaction with the value of the old service.
It is the responsibility of government to ensure that there are no anti-competitive practices. It is the responsibility of the consumer to spend wisely. And it is the responsibility of businesses to remain competitive while observing the laws.http://www.businessinsider.com/c/4d811e2bccd1d5b56c030000MickeyWed, 16 Mar 2011 16:31:39 -0400http://www.businessinsider.com/c/4d811e2bccd1d5b56c030000
Why do people insist on cash? Are you finding vendors who will not accept a credit/debit card? I rarely do an ATM transaction anymore. What's the point?http://www.businessinsider.com/c/4d811d5f49e2ae721d010000krypticWed, 16 Mar 2011 16:28:14 -0400http://www.businessinsider.com/c/4d811d5f49e2ae721d010000
Actually most of us will benefit. The only ones who suffer are the ones who tolerate banks doing this to them.
Dump the big bank and switch to a Credit Union.
You feel you need a bank, switch to a bank which doesn't do this to you.http://www.businessinsider.com/c/4d811ca6ccd1d5d56a270000krypticWed, 16 Mar 2011 16:25:10 -0400http://www.businessinsider.com/c/4d811ca6ccd1d5d56a270000
You'd get charged for cashing your check.
Best solution is switch to a local, but reasonably large, Credit Union. Low cost banking and great service.http://www.businessinsider.com/c/4d811c38cadcbbff760b0000ConsumerWed, 16 Mar 2011 16:23:20 -0400http://www.businessinsider.com/c/4d811c38cadcbbff760b0000
What happened to the consumer protection agency? Where are they when they are needed? Shouldn't they be paying attention to such things and be on the consumer's side?
This is a loot. Every one of us will suffer because of this policy changes. This is ridiculous.http://www.businessinsider.com/c/4d811b9b4bd7c8627a0b0000UserWed, 16 Mar 2011 16:20:43 -0400http://www.businessinsider.com/c/4d811b9b4bd7c8627a0b0000
It's not your ATM. It's not your bank. You want a service for free? Heck I want everything for free too so Give me all your stuff.
Don't use the machines if you don't like the fee.
Duh, winning.http://www.businessinsider.com/c/4d8117c6ccd1d55c6b050000SocksWed, 16 Mar 2011 16:04:22 -0400http://www.businessinsider.com/c/4d8117c6ccd1d55c6b050000
It's time to start cashing your paycheques and living off cash. It's every bankers nightmare really. The banks are basically saying that a percentage of everyone's money is theirs by default, and they'll do anything to get it. Should just use them as a cash dispensary and pay for everything manually. The cost is outweighing the convenience.http://www.businessinsider.com/c/4d81148649e2ae3d11040000JaneyWed, 16 Mar 2011 15:50:30 -0400http://www.businessinsider.com/c/4d81148649e2ae3d11040000
Banks have been charging fees to see tellers for years now... expect that to become more widespread too. And more expensive....http://www.businessinsider.com/c/4d81126549e2ae240f010000GeorgeWed, 16 Mar 2011 15:41:24 -0400http://www.businessinsider.com/c/4d81126549e2ae240f010000
Typical for JP Morgan (and other big banks). I live in Illinois and will reject any attempt by these banks to suck more money away from me. I already avoid all transactions that cost me anything unless I get really lazy...and even then anything over $2.00 I will not do. I would never pay $5 to get my own money. Even at a $100 withdrawal, that is a 5% charge to use my own cash. I'd borrow form a coworker or friend for a day until I could get to my own bank and pay zero. I go to the next county to avoid paying an extra 1% tax....so why would I give 5% to a bank?
Screw JP Morgan. Great job on trying to enhance your image after raping homeowners via fraudulent foreclosure scams....you guys are doing MUCH better now. Whooo-hooo.
Banks are supposed to be boring and safe, not investment giants gambling with depositor money and sucking the life out of workers. They will eventually fail and the majority of the public will laugh. LET BANKS FAIL!http://www.businessinsider.com/c/4d8111b34bd7c837780d0000Edward GillWed, 16 Mar 2011 15:38:27 -0400http://www.businessinsider.com/c/4d8111b34bd7c837780d0000
Can everyone thank Barny and Dodd for the stupid bill that has caused a great number of unintended consequences. The Democrats what a bunch of imbeciles. The Republicans are a bunch of idiots too.http://www.businessinsider.com/c/4d81110949e2aed30d060000qurainaWed, 16 Mar 2011 15:35:36 -0400http://www.businessinsider.com/c/4d81110949e2aed30d060000
It's called "unintended consequences." It's something you learn in your first economics class. Too bad none of our legislators ever took such a class.http://www.businessinsider.com/c/4d810df049e2ae36031c0000jim worthlessWed, 16 Mar 2011 15:22:23 -0400http://www.businessinsider.com/c/4d810df049e2ae36031c0000
Youre worthless jim and your blogs are lies.http://www.businessinsider.com/c/4d8107bfccd1d54468100000HopenchangeWed, 16 Mar 2011 14:55:59 -0400http://www.businessinsider.com/c/4d8107bfccd1d54468100000
.
Now that people know they are now screwed with Obozo being president, they can take action in 2012 to avoid being screwed again.http://www.businessinsider.com/c/4d81078eccd1d55868020000RuckusWed, 16 Mar 2011 14:55:09 -0400http://www.businessinsider.com/c/4d81078eccd1d55868020000
I wouldn't have a problem with this either, but our tax dollars are propping up the banks that are charging us this fee. What kind of crazy world are we living in.http://www.businessinsider.com/c/4d8105dd4bd7c86b76090000AlfredWed, 16 Mar 2011 14:47:57 -0400http://www.businessinsider.com/c/4d8105dd4bd7c86b76090000
As long as I can simply withdraw cash using a teller at the bank, I won't be paying this ATM fee.http://www.businessinsider.com/c/4d8105284bd7c8ee75090000LeviathanWed, 16 Mar 2011 14:44:55 -0400http://www.businessinsider.com/c/4d8105284bd7c8ee75090000
Fees should be proportional to the service rendered. This is not.
You shouldn't be allowed to say "Since we're no longer allowed to rob you on the back end, we'll have to do it on the front end. Our margins must remain obscenely high. Don't take it personally."http://www.businessinsider.com/c/4d8104bbcadcbbd172010000RuckusWed, 16 Mar 2011 14:43:07 -0400http://www.businessinsider.com/c/4d8104bbcadcbbd172010000
Chump Changehttp://www.businessinsider.com/c/4d810491cadcbb0e72090000LeviathanWed, 16 Mar 2011 14:42:24 -0400http://www.businessinsider.com/c/4d810491cadcbb0e72090000
Schwab refunds every penny. No limit.http://www.businessinsider.com/c/4d81034049e2ae997b160000krypticWed, 16 Mar 2011 14:36:47 -0400http://www.businessinsider.com/c/4d81034049e2ae997b160000
So instead of sneakily getting income in hidden ways, they are forced to be more honest about it.
You use Morgan and don't want to pay $5, move your account.
Simple market solution, Since you now know you are being screwed, you can take action to avoid being screwed.http://www.businessinsider.com/c/4d81004a49e2aefb77030000ErikWed, 16 Mar 2011 14:24:09 -0400http://www.businessinsider.com/c/4d81004a49e2aefb77030000
Greg is 100% right. At least these are clear and totally transparent. Let people be pissed about them. At least they KNOW about them.
I am always amazed by the sheer density of Chase ATMs in NYC, between the many branches, dedicated ATM-only locations, and the Duane Reade drug stores. I've had a Chase account my entire adult life, and the ATMs are pretty much the only reason I continue to bank with them. I haven't paid an ATM fee in NYC in probably 5 years.
For all the real estate that JPMChase pays for the convenience, they should be able to charge for it. I'd rather it be up-front than subsidized in secret by fine print. That being said, their expansion has gone a bit too far. I am over-served when I have 5 Chase ATMs within 3 blocks of my home (which is the truth).
At lease ATM fees are something that can be avoided by some simple planning and money management. If I were Chase and had invested that much in a local competitive advantage, I'd want to stave off upstart online banks from having their customers use my vestibules for free (by reimbursing them for my fees).
The downside is that in markets without lots of Chase ATMs this is a problem. If I am on the road for a week I don't want to have to choice between carrying tons of cash from home and paying through the nose for a withdrawl.http://www.businessinsider.com/c/4d80fe28cadcbb866e370000HopenchangeWed, 16 Mar 2011 14:15:03 -0400http://www.businessinsider.com/c/4d80fe28cadcbb866e370000
.
Is this hope or is this change?http://www.businessinsider.com/c/4d80fd5c4bd7c8c073050000EconAnalystWed, 16 Mar 2011 14:11:40 -0400http://www.businessinsider.com/c/4d80fd5c4bd7c8c073050000
Lots of online banks refund ATM fees up to $10 / month (Everbank for example) so the fees were never something I worried about. It's a great service and allows you to use all ATM's while never worrying about fees.http://www.businessinsider.com/c/4d80fd29ccd1d5fe65010000GregWed, 16 Mar 2011 14:10:49 -0400http://www.businessinsider.com/c/4d80fd29ccd1d5fe65010000
"How depressing. The regulations installed to help the man and woman on the street, are now working against them"
How is eliminating all sorts of arcane BS fine print rules designed to cause people to trip up and get smacked with usurious interest rates and ridiculous fees and replacing them with easily understood costs for using a bank's service bad for the man on the street?
Now instead of basically robbing and conning people banks have to provide *gasp* something people want in return for money AND compete more openly.
Banks charging openly for their services so that consumers can comparison shop and decide how to adapt their behaviors (make fewer larger withdrawls for example) is a HUGE improvement.http://www.businessinsider.com/c/4d80fcb8cadcbb0b710f0000posquillyWed, 16 Mar 2011 14:08:56 -0400http://www.businessinsider.com/c/4d80fcb8cadcbb0b710f0000
Who cares, they can charge $50bucks if they want but they wont have me as a customer and if they all go this way I'll just carry cash. Don't need em.http://www.businessinsider.com/c/4d80fca3cadcbb1471010000BSOWed, 16 Mar 2011 14:08:35 -0400http://www.businessinsider.com/c/4d80fca3cadcbb1471010000
i'm going to run up my chase cc then default just to get my $5 backhttp://www.businessinsider.com/c/4d80fbce49e2ae416c1a0000Jim WorthWed, 16 Mar 2011 14:05:02 -0400http://www.businessinsider.com/c/4d80fbce49e2ae416c1a0000
This is typical of the UnAmerican financial institutions since the Republican Congress and Bill Clinton passed the Gramm/Leach?Bliley Act in 1999. Read more about the financial meltdown on The Cutting Edge Blog at It's Worth an Opinion : <a href="http://worthanopinion.net" target="_blank" rel="nofollow">http://worthanopinion.net</a>
Jim Worth
Author, "Final Audit"
Huffington Post Bloggerhttp://www.businessinsider.com/c/4d80fafcccd1d57065070000TerryWed, 16 Mar 2011 14:01:32 -0400http://www.businessinsider.com/c/4d80fafcccd1d57065070000
Congress fixed things for those who abused their accounts, at the cost of the rest of us having low cost services. Thanks Dodd and Frank!http://www.businessinsider.com/c/4d80faa84bd7c89a73050000RuckusWed, 16 Mar 2011 14:00:08 -0400http://www.businessinsider.com/c/4d80faa84bd7c89a73050000
"How depressing. The regulations installed to help the man and woman on the street, are now working against them"
Those stupid peasants how dare they ask for The Rule of Law. We'll show them !!!http://www.businessinsider.com/c/4d80fa134bd7c8b173010000AmesWed, 16 Mar 2011 13:57:38 -0400http://www.businessinsider.com/c/4d80fa134bd7c8b173010000
Booyah!